Regulatory Alerts2020-06-29
Added · Updated
Circular dated June 29, 2020 amending some provisions of the tourism initiative issued under the guarantee of the Ministry of Finance
The circular amends the tourism initiative by extending the wage repayment period for tourism sector employees to three months from the date credit facilities are granted to clients, provided proof is submitted that May salaries were not paid. It extends the total facility duration to three years, including a one-year grace period with a three-month drawdown phase, with repayment occurring over two years after the grace period. Additionally, it cancels the requirement for auditors to certify that funded companies did not reduce workforce numbers or wages between December 31, 2019, and the current date.
Topics
monetary
credit
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